By Paul A. Harris
Portland, Ore., Aug. 18 – Univision Communications Inc. priced an upsized $400 million add-on to its 7 3/8% senior secured notes due June 30, 2030 (B1/B+) at 101.5, resulting in a 7% yield to worst on Thursday, according to market sources.
The issue size increased from $300 million.
The issue price came at the rich end of the 101.25 to 101.5 price talk. Initial guidance was in the 100.5 area.
The deal traded sharply higher in the secondary market where it was 102 bid, 102¾ offered at the Thursday close, a sellside source said.
Citigroup Global Markets Inc. was at the left of a syndicate of joint bookrunners that also included Barclays, BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC.
The New York City-based North American Spanish-language free-to-air television network plans to use the proceeds, including the $100 million upsize amount, to refinance debt under its C-5 term loan B due 2024.
| Issuer: | Univision Communications Inc.
|
| Amount: | $400 million, increased from $300 million
|
| Issue: | Senior secured notes add-on
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| Maturity: | June 30, 2030
|
| Joint bookrunners: | Citigroup Global Markets Inc., Barclays, BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC
|
| Coupon: | 7 3/8%
|
| Price: | 101.5
|
| Yield to worst: | 7%
|
| Spread: | 397 bps
|
| First call: | June 30, 2025 at 103.688
|
| Trade date: | Aug. 18
|
| Settlement date: | Aug. 26
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 101.25 to 101.5
|
| Marketing: | Drive-by
|
| Original issue: | $500 million priced in June 2022
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